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Atlanta Neighborhood Development Partnership, Inc. 1 Veterans Program www.ANDPHomes.org


OVERVIEW

Established in 1991, Atlanta Neighborhood Development Partnership (ANDP) is a nonprofit organization with a mission of providing and promoting affordable housing throughout Metro Atlanta.

To increase the number of affordable homes available to the brave men and women of our military, ANDP has created a veterans affordable housing program. With the support of our partners, we are pleased to offer newly renovated homes for sale at affordable prices. We also have a limited number of rental homes and apartments available for veterans.

Our initiative is entitled “Veterans Program,” and is open to honorably discharged veterans. However, the program is also open to active duty military personnel, members of the Reserves, National Guard and Gold Star family members. When we use the term “veteran” in this document, online or elsewhere, we are referring to any of the aforementioned.

ALL of our homes include homebuyer assistance to qualifying veteran homebuyers! That’s right! Whether it’s our NSP Program, HOME Program or ANDP Affordable Program - qualifying veterans will receive homebuyer assistance. The amount of homebuyer assistance varies by program.

Homes available to veterans fall in a number of programs:

• Neighborhood Stabilization Program - Newly renovated homes available to any qualifying buyer. These affordably priced homes also offer homebuyer assistance of up to $25,000. Buyer’s household income must be at or below 120% AMI.

• HOME Program - Newly renovated homes available to any qualifying buyer. These affordably priced homes also offer homebuyer assistance. The amount of assistance is based on the buyer’s need. Buyer’s household income must be at or below 80% AMI.

• ANDP Affordable Homes - In addition to the aforementioned homes, ANDP has a number of homes not affiliated with a federal/local home program. These homes are also available to qualifying veterans. ANDP is pleased to announce that it will offer $5,000 in homebuyer assistance to veterans who purchase one of these homes.

PROGRAM QUALIFICATIONSIn order to qualify for the ANDP Veterans Program, buyers must meet the following qualifications:

• Buyer must be honorably discharged, active military, member of the Reserves, member of the National Guard, or a Gold Star family member.

• Buyer must be able to qualify for a mortgage with one of our approved lenders.

• Buyer must not own another home and must make their purchased home their primary residence.

• Buyer is required to complete a HUD-approved home buyer education course (See page 4).

• Buyer must meet income qualifications based on current HUD Income Limits.

Note: Buyers are NOT required to be first-time homebuyers to participate in any of these programs.

Qualifying participants’ household income must not exceed 120% or 80% of AMI - depending upon the specific program. See the table on the next page for the maximum income allowed, based on the number of individuals in the household. Note that income limits include all household income combined.

ANDP Veterans Program: Housing Our Heroes!


Househould Income Limits

HOMEBUYER ASSISTANCEThe homebuyer assistance referenced above is provided as a “zero percent soft-second mortgage.” This soft-second mortgage adds no cost to the monthly mortgage payment and is typically forgiven over a five-year period as long as the buyer remains in the home. The amount forgiven is pro-rated for each of the five years, with 20% forgiven each year. The homebuyer assistance will be used to cover closing costs, pre-paid expenses, and reduce the cost of the home if applicable. NOTE: Buyers are required to provide a direct contribution of at least $1,000 towards the purchase of the home. This includes a minimum of $500 in earnest money and may also include the cost of the required appraisal and home inspection.

LAYERING ASSISTANCE In some instances, it is possible to combine programs to layer support for qualified buyers. For example, if a qualified buyer is also eligible for other down payment assistance programs such as Georgia Dream, local government programs or Federal Home Loan Bank programs, every effort will be made to layer sources from multiple programs. TIP: To see what additional down payment programs may be available, search the home address at the following website: www.downpaymentresource.com

THE HOMESHomes available for lease or purchase in this program will be fully rehabbed and made “move-in ready” before any transaction. Rehab work is performed to ensure full compliance with HUD regulations as well as local jurisdictional code compliance. Our goal is to provide tenants and buyers with safe, comfortable,

affordable and attractive homes for their families. To see homes available in this program, please visit www.ANDPHomes.org/veterans. NOTE: Homebuyers must obtain a professional home inspection from a certified home inspector. The cost for this inspection may be applied toward the $1,000 buyer direct contribution.

GREEN & AFFORDABLE

To ensure the long-term sustainability of the home and long-term affordability for families, every effort is made to retrofit homes with energy efficiency in mind. In addition to efficient appliances and fixtures, considerable attention is given to the “envelope” of the home.

• Attic space is sealed and blown insulation is installed.

• If a crawl space exists, a vapor barrier is installed. • If appliances are purchased for rehab, Energy Star

appliances are selected. • If toilets and faucets are replaced, Water Sense

items are selected. • If furnace, AC or HVAC units are replaced, energy

saving units are selected. • Doors and windows are weather-stripped.• No-VOC paints and stains and low-VOC carpeting

are used.• With these and many other measures, ANDP

makes every effort to ensure its homes are energy efficient and affordable to its buyers.

# in Household 80% of AMI:HOME Program

120% of AMI: Veterans, NSP and ANDP Affordable

programs

1 $38,200 $57,3002 $43,650 $65,4503 $49,100 $73,6504 $54,550 $81,8505 $58,950 $88,400

*HUD Income Limits change on an annual basis. 2015 Income Limits are effective as of March 6, 2015.


RENTAL/LEASE PURCHASE OPTIONS

ANDP also offers the option of leasing. Those actively working toward homeownership may choose to enroll in our lease purchase program. Under our lease purchase arrangement, a small portion of the tenant’s monthly lease fee (approximately $40-60 per month) is retained to be applied later to the down payment. In the ANDP lease purchase program, the tenant also agrees to participate in regular home buyer/financial counseling to prepare for homeownership.

VASH VOUCHERSVeterans Affairs Supportive Housing vouchers (VASH) that provide recipients with combined rental assistance and case management and clinical services are accepted in ANDP’s Veterans rental program.

NEXT STEPSBuyers must:• Use an ANDP approved lender for their mortgage.

Our lenders are listed to the right. To see the most current list of our lenders, visit www.ANDPHomes.org.

• Identify a qualified real estate professional who is knowledgeable about affordable housing programs and VA loans.

• Schedule and complete the required HUD-approved homebuyer education course. To see a list of HUD-approved training agencies, visit www.ANDPHomes.org/start.

• Visit www. ANDPHomes.org/veterans to see homes currently available.

CONTACTFor additional information, contact us at:404-420-1600ANDP, Inc.229 Peachtree Street NE, Suite 705Atlanta, GA 30303

OUR PARTNERSANDP’s Veteran Program would not be possible without the support and participation of its partners. Please join us in recognizing these partners.

VETERANS PROGRAM LENDERS

Those seeking to purchase a home through any ANDP program, including the Veterans Program, must use one of our approved lenders. The following financial institutions are approved lenders. But note that you must speak with a specific loan officer listed at www.ANDPHomes.org/financing.

Academy MortgageAmeris BankBank of AmericaFirst Community Mortgage, Inc.First Option Mortgage, LLCGeorgia Banking CompanyHomestar Financial Corp.Hometown LendersLoanSouth MortgagePrime LendingRBC Bank (Georgia) N.A.Regions BankREMNResidential Finance CorpSharpe MortgageSilverton Mortgage SpecialistSempter Home LoansSoutheast MortgageSouthpoint Financial ServicesSunTrust MortgageWells FargoWR Starkey Mortgage

Lenders interested in becoming an approved lender, please contact Zenovia Palmer at [email protected].

FAIR HOUSING STATEMENT At ANDP, we support and abide by The Fair Housing Act. We believe that our residents deserve to be treated fairly at all times. As an equal opportunity housing provider, ANDP provides housing opportunities regardless of race, color, national origin, religion, sex, sexual orientation, physical or mental disability, familial status or any other classification protected by applicable federal, state or local law.

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